Reagan and Grady Wade are married with three qualifying children under the age of 17. In 2021,
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Reagan and Grady Wade are married with three qualifying children under the age of 17. In 2021, Reagan and Grady had earned income of $50,000 and no adjustments. Line 11 of their 1040 reports AGI of $50,000. Reagan and Grady take the standard deduction for 2021 ($25,100) and as a result have taxable income of $24,900.
The Wades’ tax liability before considering the child tax credit is $2,593. Assuming the Wades have no other tax credits, complete the 2021 Schedule 8812 Credit for Qualifying Children and Other Dependents as well as the associated Line 5 worksheet for Schedule 8812.
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The W ades 2021 Schedule 88 12 Credit for Qual ifying Children and Other Depend ents is as follows L...View the full answer
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Related Book For 
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse
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